MONTREAL, Dec. 14, 2021 Aya Gold & Silver
Inc. (TSX: AYA) ("Aya" or the "Corporation") is pleased to
report an updated Mineral Resource Estimate for its Zgounder Silver
Mine in the Kingdom of Morocco.
Highlights - Overview as of December
13, 2021
- Measured and Indicated ("M&I") Mineral Resources increased
to 96.1 million ("M") ounces ("oz") of silver ("Ag"), a 116%
increase compared to March 2021
- Inferred Mineral Resources increased to 6.4M oz Ag, a 1,519% increase compared to
March 2021
- High-grade Mineral Resources in the Measured classification:
3.5M tonnes ("t") at 347 g/t Ag for
39,183 oz
- The resulting Feasibility Study for a 2,000 tonnes per day
("tpd") mine and process plant expansion is targeted for completion
in Q1-2022, bringing the total project to 2,700 tpd
- Focus on increasing Mineral Resource Estimate through 2022
drilling priority targets at depth and along strike at Zgounder and
on the Zgounder Regional properties
The updated Mineral Resource Estimate has an effective date of
December 13, 2021 and incorporates
drilling carried out on Zgounder between January and September 10, 2021. Zgounder's M&I Mineral
Resources total 9.8Mt averaging 306 g/t Ag for
96.1M oz Ag. This represents an increase of 116% compared
to the March 2021 M&I Mineral
Resources of 44.4M oz Ag (Table 1).
This Mineral Resource Estimate will form the basis of the
Corporation's maiden Mineral Reserve Estimate in conjunction with
the Feasibility Study.
The Mineral Resource database update consists of 516 drill holes
(surface and underground combined) for 41,932 metres ("m") carried
out on Zgounder. The drilling campaign had two objectives:
increase the confidence level of the Exploration Target area
identified in March 2021, and further
extend mineralization in the eastern part of the Deposit. The
Corporation succeeded on both counts, extending the mineralized
east-west strike from 775m to
1,100m in length and at depth.
"We are pleased that our 2021 exploration program at Zgounder
has delivered an updated Mineral Resource Estimate that materially
increases the M&I Mineral Resources and improves the overall
Mineral Resource grade. This represents an 860% increase in M&I
Mineral Resources since management was appointed in April 2020. Based on our recent drill results, we
remain confident in our ability to further grow this already
substantial Mineral Resource at depth and along strike," said
Benoit La Salle, President and CEO.
"Our next priority will be completion of the Zgounder expansion
Feasibility Study in Q1-2022, while continuing our ongoing step-out
and infill drill program."
Table 1: Mineral Resource Estimate, Zgounder, as of
December 13,
2021(1-12)
Area
|
Classification
|
Cut-Off (Ag
g/t)
|
Tonnes
(k)
|
Ag
(g/t)
|
Ag Oz
(k)
|
Pit-
Constrained
|
Measured
|
65
|
108
|
477
|
1,656
|
Indicated
|
65
|
406
|
325
|
4,242
|
M&I
|
65
|
514
|
357
|
5,898
|
|
|
|
|
|
|
Out-of-Pit
|
Measured
|
75
|
3,403
|
343
|
37,527
|
Indicated
|
75
|
5,576
|
289
|
51,810
|
M&I
|
75
|
8,979
|
309
|
89,337
|
Inferred
|
75
|
542
|
367
|
6,395
|
|
|
|
|
|
|
Historical
Tailings
|
Indicated
|
50
|
272
|
94
|
822
|
|
|
|
|
|
|
Total
|
Measured
|
65-75
|
3,511
|
347
|
39,183
|
Indicated
|
50-65-75
|
6,254
|
283
|
56,874
|
M&I
|
50-65-75
|
9,765
|
306
|
96,057
|
Inferred
|
65-75
|
542
|
367
|
6,395
|
1.
|
Mineral Resources are
not Mineral Reserves and do not have demonstrated economic
viability. The estimate of
Mineral Resources may be materially affected by environmental,
permitting, legal, title, taxation, socio-political,
marketing, or other relevant issues. There is no certainty that
Mineral Resources will be converted to Mineral Reserves.
|
2.
|
The Inferred Mineral
Resource in this estimate has a lower level of confidence that that
applied to an Indicated
Mineral Resource and must not be converted to a Mineral Reserve. It
is reasonably expected that the majority
of the Inferred Mineral Resource could be upgraded to an Indicated
Mineral Resource with continued exploration.
|
3.
|
The Mineral Resources
in this news release were estimated in accordance with the Canadian
Institute of Mining,
Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources
and Reserves, Definitions (2014) and
Best Practices Guidelines (2019) prepared by the CIM Standing
Committee on Reserve Definitions and adopted
by the CIM Council.
|
4.
|
A silver price of
US$22.5/oz with a process recovery of 90%, US$20/t rock process
cost, US$16.5/t tailings
process cost and US$7/t G&A cost were used.
|
5.
|
The constraining pit
optimization parameters were US$15/t of mineralized material
(including waste mining)
and 50-degree pit slopes with a 65 g/t Ag cut-off.
|
6.
|
The out-of-pit
parameters used a US$22/t mining cost. The out-of-pit Mineral
Resource grade blocks were
quantified above the 75 g/t Ag cut-off, below the constraining pit
shell and within the constraining mineralized
wireframes. Out–of-pit Mineral Resources exhibit continuity and
reasonable potential for extraction by the cut
and fill underground mining method.
|
7.
|
The historical
tailings parameters were at a US$9/t mining cost, and Mineral
Resource grade blocks were
quantified above the 50 g/t Ag cut-off.
|
8.
|
Individual
calculations in tables and totals may not sum correctly due to
rounding of original numbers.
|
9.
|
Grade capping of
6,000 g/t Ag was applied to composites before grade
estimation.
|
10.
|
A bulk density value
of 2.77 t/m3 was determined from core samples and used
for the Mineral Resource
Estimate.
|
11.
|
1.2m composites were
used during grade estimation.
|
12.
|
Previously mined
areas of the deposit were depleted from the Mineral Resource
Estimate.
|
Table 2: Cut-Off Sensitivity of Out-of-Pit M&I Mineral
Resources (1-12)
Quality Assurance
Cut-Off (Ag
g/t)
|
Tonnes
(k)
|
Ag
(g/t)
|
Ag (k
oz)
|
100
|
7,218
|
365
|
84,368
|
75
|
8,979
|
309
|
89,337
|
65
|
9,819
|
291
|
91,172
|
50
|
11,278
|
261
|
93,871
|
40
|
12,134
|
245
|
95,122
|
For core drilling, all individual samples representing an
approximate one metre in length of drill core, were sawn in half.
One of the drill core halves is kept on site for reference, and its
counterpart is sent for preparation and assaying to the African
Laboratory for Mining and Environment ("Afrilab") in Marrakech,
Morocco. All samples are analysed
for silver, copper, iron, lead, and zinc using aqua regia and
finished by atomic absorption spectroscopy ("AAS"). Samples grading
above 200 g/t Ag are re-analysed using fire assaying.
Certified reference materials, blanks and duplicates were
introduced as controls into the analytical sample stream.
Additionally, Afrilab inserted their internal QA/QC controls.
Data Sources and Resource Estimation Methods
3D block models were created for the Zgounder Deposit and for
the historical tailings located a few hundred metres northwest of
the mine site. A geological rock code system was introduced and
assigned to the various lithological units and mineralized domains.
Continuity directions were assessed based on the orientation of the
domains and the spatial distribution of silver. Separate variograms
were generated for 1.2m down-hole
silver composites within each domain. Mineralization modelling,
grade estimation and Mineral Resource reporting were conducted
using GemcomTM, LeapfrogTM, Snowden SupervisorTM and NPV
SchedulerTM software. Ordinary kriging was used
for grade estimation into 2.0m x
2.0m x 2.0m model blocks.
Qualified Persons
Marc-Antoine Audet, Ph.D. P. Geo,
Geological Consultant and Aya Gold
& Silver's Qualified Person, and Eugene
Puritch, P. Eng, FEC, CET, President of P&E Mining
Consultants Inc., an independent Qualified Person, have reviewed
and approved the scientific and technical information in this press
release for accuracy and compliance with National Instrument
43-101.
An NI 43-101 compliant Technical Report will be filed on SEDAR
within 45 days of this press release
P&E Mining Consultants Inc., an associate group of twenty
professionals established in 2004, provides geological and mine
engineering consulting reports, Mineral Resource and Mineral
Reserve Estimates, NI 43-101 Technical Reports, Preliminary
Economic Assessments, Pre-Feasibility and Feasibility Studies.
About Aya Gold & Silver
Inc.
Aya Gold & Silver Inc. is a
rapidly growing, Canada-based
silver producer with operations in the Kingdom of Morocco.
The only TSX-listed pure silver mining company, Aya operates the
high-grade Zgounder Silver Mine and is exploring its properties
along the prospective South-Atlas Fault, several of which have
hosted past-producing mines and historical resources. Aya's
Moroccan mining assets are complemented by its Tijirit Gold Project
in Mauritania, which is being
advanced to feasibility.
Aya's management team has been focused on maximising shareholder
value by anchoring sustainability at the heart of its operations,
governance, and financial growth plans.
For additional information, please visit Aya's website at
www.ayagoldsilver.com.
Forward-Looking Statements
This press release contains "forward-looking information" within
the meaning of Canadian securities legislation. All information
contained herein that is not clearly historical in nature may
constitute forward-looking information. Generally, such
forward-looking information can be identified by the use of
forward-looking terminology such as "targeted", "completion",
"increasing", "confident", "completing", "continuing", "objective",
"ongoing", "improves", "will", "focused", "present", "reasonable",
"established", "has", "demonstrate", "potential", "expect" or
variations of such words and phrases or state that certain actions,
events or results "may", "could", "would" or "might".
Forward-looking information is subject to known and unknown risks,
uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of the Corporation
to be materially different from those expressed or implied by such
forward-looking information, including but not limited to: (i)
volatile stock price; (ii) the general global markets and economic
conditions; (iii) the possibility of write-downs and impairments;
(iv) the risk associated with exploration, development and
operations of mineral deposits including the accuracy of the
current Mineral Reserve and Mineral Resource Estimates of the
Corporation (including, but not limited to, ore tonnage and ore
grade estimates) and mine plans for the Corporation's mining
operations (including, but not limited to, throughput and
recoveries being affected by metallurgical characteristics); (v)
the risk associated with establishing title to mineral properties
and assets including permitting, development, operations and
production from the Corporation's operations being consistent with
expectations and projections; (vi) fluctuations in commodity prices
and other risks and factors described or referred to in the section
entitled "Risk Factors" in the MD&A of the Corporation and
which is available at www.sedar.com, all of which should be
reviewed in conjunction with the information found in this news
release.
Although the Corporation has attempted to identify important
factors that could cause actual results to differ materially from
those contained in the forward-looking information, there may be
other factors that cause results not to be as anticipated,
estimated or intended. There can be no assurance that such
forward-looking information will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such forward-looking information. Such
forward-looking information has been provided for the purpose of
assisting investors in understanding the Corporation's business,
operations and exploration plans and may not be appropriate for
other purposes. Accordingly, readers should not place undue
reliance on forward-looking information. Forward-looking
information is given as of the date of this press release, and the
Corporation does not undertake to update such forward-looking
information except in accordance with applicable securities
laws.
SOURCE Aya Gold & Silver
Inc